International Entertainment Corporation (IEC) announced that it has officially begun its limited operation of the casino at its New Coast Hotel property in Manila. The company is set to officially take over full casino operations from the PAGCOR on May 11.
The Board is pleased to announce that on 9 May 2024, the Group has commenced its limited operation in the Casino, the Group will officially take over the entire casino operation with effect from 11 May 2024 and will be the operator of the Casino under the Provisional License.
IEC statement
This announcement comes after IEC was awarded a provisional casino license by the Philippine regulator on September 27, 2023. The former company now aims to turn New Coast Hotel into a proper integrated resort.
For context, the casino at New Coast was operated by the PAGCOR’s Casino Filipino brand. During that time, IEC served a supporting function, helping the operator improve the overall gaming experience.
Under its provisional casino license agreement, IEC will pay a monthly fee to the PAGCOR. For the month of May, IEC will have to pay PHP 60 million.
IEC Will Implement Robust AML and CTF Measures
IEC’s official announcement noted that the group has established new internal control procedures and measures that would prevent instances of non-compliance and fraud. This includes an AML and CTF program that seeks to prevent money laundering and the financing of terrorism, allowing IEC to remain compliant.
The program, according to IEC, has been designed with high ethical standards and robust know-your-costumer principles in mind. It will also ensure that officers and employees are aware of their responsibilities and will guarantee cooperation with the AMLC and PAGCOR.
IEC added that it has formed an AML committee consisting of at least three members that would formulate a comprehensive and risk-based AML and CTF program that conforms to the law. The committee will oversee the program’s implementation and will report the casino’s compliance status to the board.